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MONEY With Melissa Francis

News/Business. Melissa Francis with a breakdown of the day's top stories and their impact on the American Taxpayer.

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01:01:00

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San Francisco, CA, USA

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Channel v761

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mpeg2video

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ac3

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1280

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720

TOPIC FREQUENCY

Us 10, U.s. 3, Apple 2, Dennis 2, New York 2, Iraq 2, Ofrader Joe 1, Shedder 1, Atntion 1, Toyota 1, Google 1, Boxing 1, Rks 1, King Henry 1, United Nations 1, Adam 1, Johnson 1, Jerry 1, Jackie 1, Jerry Seinfeld 1,
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  FOX Business    MONEY With Melissa Francis    News/Business. Melissa Francis with a breakdown of the  
   day's top stories and their impact on the American Taxpayer.  

    September 24, 2013
    12:00 - 1:01am EDT  

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some people say that boxing is dead. the floyd mayweather disagrees. that david: the number one thing to watch tomorrow is the case-shiller index. liz: "money" is next. melissa: here's what is "money" tonight. how much are you willing to pay to keep the post office alive? emergency jump in the cost of rates could be imminent. the postmaster general joins us on what it will take to stamp out bankruptcy. plus hedge fund commercials and retail apps? would it make you more apt to invest? the first ever after an 80 year pan and. and a created mpaign he made for us to show us how to make it rain. and now they are laughing all the way to the bank, stay tuned and find out who it is because
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even when they say it is not, it is always about "money." ♪ melissa: first night we follow the money around the world to track the cost of sanctions in iran. what is the price we are pying to not do business in iran? right now a lot of talk about whether or not president obama will actually meet with iranian president at the united nations this week. of course at the center of all of it is money. we have figures you have never heard anywhere else. just to keep iran feeling cut off. is it worth it? here with the amazing stats is the military expert. great to have you back on the show. one of the stats that really caught my attention was about the loss of business companies like boeing are suffering as a result. 25 alien they and others could
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be doing in revenue if they were allowed to sell aircraft into iran, instead russia is getting that business. is it worth it? >> i would say $25 billion per year is on the low side of the estimates i come up with in terms of what american business could be dng. there are a bunch of reasons american business does not engage in iran. they are not really our allies, more our enemies at this point. if there were no geopolitical considerations i think american business would be doing closer to $50 billion total year trade between iran and the united states. we are doing close to that with saudi arabia. saudi arabia has a population less than half the size of iran and the bubble population coming up with the economy. onef the unintended consequences of the regine shank sanctions was the unintended consequence of diversifying the iranian economy.
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the iranian economy is fairly capable, fairly capable of extreme amount of growth in a short time and at some point in the future hopefully will be able to harness the status. melissa: we were looking at specific companies in their doing business. it is not a result of them being isolated, they just have different trading part nurse. you look at cars they import. they still import about $1.5 billion in cars per year from companies like toyota and nissan and others. that could be gm and chrysler. there are things like car parts, they have a huge industry, half a billion per year. a company could be doing business and selling products they are, instead they are buying products from turkey. his us not getting the benefit of that business with the economy we have right now, is it
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hurting them or are they buying that stuff from someone else? >> in the short run our sanctions definitely have a negative impact on the iranian economy but all it does is finds some place else to go to get those goods and services met. fitting with different partners and different asian partners. the sanctions made it difficult to do that but has not made it impossible. it has isolated american business out there. we have to look hard at the history of sanctions. where have sanctions worked? history says a big fat nowhere. sanctions did nothing to deter saddam hussein. we have a run against north korea with no impact on the policy. 60 year run of policy sanctions against syria that has done no good. my poiour long term interest mao open up trade. we can only do that if we have specific military redline sets we are willing to enforce if they engage in behavior.
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melissa: when you sit there and look at if we should keep the sanctions in place you have to consider what it is costing us. a lot of people think about the cost of enforcement, which is one piece. but there is the business, to what end. what do you think of the cost of enforcement? you tack that onto the whole picture. >> i look at the cause of sanctions, there is direct cost, indirect cost, deterrent cost and opportunity cost. we talked about the opportunity costs. direct cost are pretty low because all we are really talking about is the support asset control in the department that details which companies, entities and other foreign governments are in violation of sanctions. and then it starts to ratchet up pretty quickly looking at the indirect class. massive intelligence infrastructure, the cia, nsa, and the treasury department
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draws on those assets so the treasury department is not necessarily spending the money to enforce the sanctions, it is accessing other government spending to inform its regime of sanctions. the last part is how much money we spent patrolling the persian gulf, strata from use. melissa: is it having an effect? you hear about those in charge getting whatever they need anyway. >> the net impact is it strengthens the regime internals. from an economic impact, yes, iranian economy is being strict sanctions. have we changed every policy at all? not only have we not changed policy, we have made the regine stronger because they have taken the sanctions, shift the focus of the people to actors, and taking this opportunity to solidify regime control to win the country.
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this is exactly what happened in iraq between 891-2003. iraq economy got weaker as result of american sanctions but saddam hussein got stronger. melissa: good case in point. we want to show people the money angle they have not seen anywhere else because this is the side of the debate they don't look at. is it worth it. thank you so much. time now for today's fu gauge report. well i futures fell to the lowet level in six weeks. higher supplies and easing tensions between the u.s. and iran helped fuel the decline. don more than 1%, that is the lowest close since august 8, by the way. average price of gas at its lowest levels since february according to aaa. average gallon now cost $3.47, $0.34 lower than at the same time last year, not bad. and natural gas futures sliding more than 2%.
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the mild weather for most of the country expected to persist. lowering the outlook for natural gas demand. next, how much we pay to preserve the post office? an emergency increase looking very likely. i will talk exclusively with the postmaster general to find out and see how much your forever stamps will really be worth. plus, blackberry could be headed back to black. i wonder if $30 million jet would be a thank you present. did you hear about that? the inside scoop with more "money" coming up.
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melissa: signed, sealed and delivered may be no more. the poor post office cannot keep up with the real cost of business. just the price of a stamp it seems laughable these days. >> stopped going up a penny on the stamps. $0.44, just make it $1. just make it $1 if there is any profit, get pants and a real
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car. melissa: on a serious note i'm determined to help turn around the post office. maybe the money needs to come from more than just priority mail. dreaming now, u.s. postmaster general. i am glad you are smiling after jerry seinfeld took a little swipe. first, why an emergency rate hike, what is going on? >> right now we are facing some cash flow issues not this year, but it will be into next year. we are looking at a plan to generate some additional funds that way. the postal service needs to ask legislation to be passed to resolve the financial issues short-term and long-term. melissa: and only long-term issue is retiree health care benefits, but that isn't even your biggest cost. $51 billion is compensation and benefits far and away. we have a chart showing where
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your money is going. compensation and benefits is the runaway leader. how do you cut that? >> part of the compensation and benefits is health care. our business plan calls the ability to eliminate $8 billion. not so much the issue of the percentages of labor at a total cost. wwe're going to have a lot of people. we are trying to shrink the entire cost base. melissa: you talk about going to everybody's house every day, why not stop doing that? maybe that is an outdated service. >> we are proposing to change delivery from a six days per week to five days per week. we will still deliver packages and post office is open, but we can save $2 billion so you have $8 billion on the healthcare. we know we can save integrating medicare like every other business does. melissa: i have to be honest,
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take one day out. i am really trying to fix this problem. 2 billion seems like chump change. why wouldn't you only delivered to households once per week or delivered to the corner. maybe the idea of taking, forgive me for calling it junk mail, to everybody's door is a notion on you guys do it, maybe it is a loser. >> 70% of our deliveries today go to what we call combination boxes or the curb line. 35 million americans get their mail in their door slot and i will tell you when you move the mailbox, they are not happy. melissa: they may not have a choice. two other ideas for you, i want to look at your revenue producers. shipping and packages, you make $11 billion on this. i think you could do a lot better in that area. last friday i wanted to send something to my dad overnight.
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i looked online to express shipping with you guys down to florida it was 3:00 in the afternoon, you said you could deliver it i knew in the next day for $18. i look at fedex, they wanted $32. $18, you did it. there was a knock on his door and it got there. did you underprice it? fedex is charging double. should you be charging more? >> we think we are charging a very good rate. this year package revenue will probably finish off about $14 billion, growing double digits. we are seeing a substantial growth. we are seeing large increases from a revenue standpoint.
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went to my stress and the pictures down overnight, they said how did you do it, how did you have time to go to the post office. almost no one in my meeting knew you could print a label from your desktop and arrange for pickup or hand it to your postal carrier and it is the same as fedex. do you need to get word out there that you have this service? >> the key thing is at home it is a free pickup. melissa: it is huge. finally i want to ask you, in all seriousness because people get really irritated when you do this nickel and dime with the stamps. why not ju make it $1 get it over with? >> we deal in pennies. you go over $0.50, people get upset. we will have small increases, but will not be dollars like jerry seinfeld suggests. melissa: a bit we have to deal with consumer attitude because a lot of the answers people get upset, but they don't know you
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have a great business. we will fix it together, i am determined. >> health care 8 billion. it is a $10 billion swing, we are profitable and will pay our debts down. melissa: i like that. thank you, come back soon. enjoy it. next on "money." if your company is collapsing why not buy $30 million private jet? obviously. it ended on a high note. we have all the details in this story. plus how much do you use and trust online reviewsand have you ever written one for a friend or family member or a free pitcher of beer? now some are paying big fines for faking it. for faking it. wait until you hear this one. when we made our commitment to the gulf, bp had two big goals: help the gulf recover and learn from what happened
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so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
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melissa: now pulling back the curtain on wall street, checking out the stories behind the headlines. big news of blackberry being bought out at the revelations they splurged on a private jet as a business is going dow the drain firing thousands of employees. it was quite a day with shares heading south and then ending slightly up on the takeover talks. all the word on wall street. you'rhere with the back room de. spencer, are you surprised this deal came together? >> i'm surprised about the details of the deal that they agreed to do a deal and enter into a transaction like this. melissa: you are surprised library agreed? why?
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>> they don't have a lot of options. melissa: it would be a no-brainer they would go ahead and do it. >> it is so this advantage is to them. calling it a deal is an exaggeration. they gave the company and option to buy them. the way the deal is written. that is the amazing thing about it. melissa: adam, you are nodding your head, but this is a company that is abysmal. they slashed 40% of their jobs, and looking at a loss of 47-$0.51 per share. this company is in freefall. >> we saw over the weekend it finally got put together very quickly a letter of intent put together. losses of a billion dollars, revenue 50% of what was happening, but what is the value of blackberry.
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according to goldman sachs it is 0 per share. melissa: a ubiquito machine. >> it is not everywhere. in 2009 ahead 50% of the smart phones sold were blackberry. after the launch of iphone. today looking at operating systems globally, 80% android. and then you get apple roughly 14%, microsoft barely on life support and library, they are done. >> certain places have done more. it is more secure. if you go to a bank, a third of the share. if you go to people who can choose, happen to like it.
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the latest one was launched in malaysia. still two to 3 million unsold devices. melissa: it is amazing to me the company that once dominated was fumbled so badly. part of that is something we talked about in the lead into this, this idea they bought a jet so recently. you think what are these people thinking after what was just happening. >> it was huge. it does not look good at all. they were just going to consolidate. we are going to get rid of it. we are not interested. melissa: emblematic of the company or are we making too big of a deal out of it? >> god for bid anybody watching should go through bankruptcy of the stories i have done, what
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bankruptcy lawyers tell their lawyers to do is buy everything you're going to need before you file and then you are covered for the five to seven years while you clear up your credit. i wouldn't put it beyond a company to say we're going to have a deal where we may not be around but let's make it attractive. >> that may not apply to blackberry. the handset business, you can stick a fork in it, it is done. the business of processing these messages very securely and that is the cash load that will be decline over time. it could be worth a l of money and that is it. the blackberry you and i know, that is it. >> you're going to have to learn to do this. >> i think you can swype on
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blackberry devices. melissa: thank you. next, talk about bad for business. you may think getting friends to write rave reviews can help you cash in but major crackdown is costing big time. we will tell you what sites to believe and what are banking on bogus claims. who made money today? now i kind of wish i had
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melissa: 19 companies are getting yelp that today. of where to go and what to eat are worth it? the new york attorney general slot big fines on companies accused of creating fake customer reviews. but is spending e money on this investigation really worth it to make joining me now from both sides of the outcome of criminal attorney opposes
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company they call these various companies and said can you help me, can you generate a bunch of fake positive reviews. they found a resounding no. that said, yes. is it pretty common? >> it absolutely is. it is a huge problem, and i applaud the new york attorney general's office. i don't know how effective it is going to be. we are a small business are. a hard-working attorney who rks hard for my client. sometimes when these companies become overzealous in trying to ferret out what they believe to be savored used to make really affects the in the small-business owner who has legitimate reviews that are hidden from the public. the companies think that their fake. where you draw this line.
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melissa: and i just wonder, peter, where do they draw the line? we have heard about businesses in new york, some of our staff have been there where they have said, bring in a positive review the you have posted, printed out, and we will give you a free pitcher of beer. in theory that is a legitimate review because it is a regular person or real customer. on the other hand, they were paid for it. >> there is no difference between that and my saying, of the you $5 if you tell a sign off. you can't create a company designed for reviews of people you don't know. had a run at any of those views are not a show for the company's. companies to get a couple of the reviews and documented cases. all those places don't
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disappear. melissa: of five to 9% increase in revenue. so many reviews from legitimate plans to and dug their way to write sething because they think is the kid can affect someone like me who utilizes the presence, and the search engine optimization. it's a major problem. the payments for advertising. friends and your network, personal friends that you trust.
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he go on to this facebook page. if you're going to dinner or 110 as someone where to go or how people, have people you trust, we covered it we know. i have friends all over the world. when i won a good restaurant i will last in because the trust is on the line. that is social currency. yelp has no social currency. why should i trust any of those sites? i don't know the people live. there is no value. melissa: at the another difference taste in food is any good what you just go to is the gatt. and like my friends, but i don't know if they know good from bad chinese food. >> let me say this. i think consumers are savvy enough to be able to look at all of the reviews, not just yell, but other search engines to see may be a need to really try this business or this into the out for myself, and the difference between yet what you were talking about were people saying, i give you an incentive, the book and go there. they are real people. the consent went there.
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melissa: on wondering if there's any way to clean up. the attorney general is trying to buy some of the company's. reputation mill there. didn't realize that there are going to red face tough. >> is similar to the reviews from google. if you have enough positive things up to the negative things would go to the bottom. they are smart enough to recognize, too many. this must be fake. it is the same way. payday loan services. it's another parade on in the senate small businesses. they say they can tell me. the whole category of non trusted reviews.
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melissa: that person's manager. anyway, we have to go. thank you for clearing that up. i will ignore -- ignore reviews from now on. coming upon "money," that the ads began. hedge funds can advertise all the one after being banned for decades. our favorite marketing to recreates the perfect campaign for them. what would it make you buy? he is here to show it all off. at the end of the date is all about "money.
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melissa: no matter what time it is to my "money" is always on the move. filing for a stock offering after hours. the common shares will be sold by the uaw retiree medical benefits trust. underwriting the offering, but the number of shares and price range have not yet been determined. big news. all right. hedge funds could be the new heavyweight making their way into the advertising game. today marks the end of an
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80-year-old advertising man for the massive money-making firm. even though they cannot spend the money and commercials, is it even with it? o better to talk about this than the marketing king himself who joins us now. your of the answer to every question. they're supposed to be secretive. >> is not just a mom and pops. yet business to business. it will be people to people. they will be communicating for the folks are making investment decisions, big blocks of money. they oug to be working into the hedge funds. melissa: that's more trouble
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than it's worth. they're looking for people who are going to give them big blocks of money, millions of millions of millions. there are not that many. they managed. the kind of already knew those folks. stop by and had lunch with them. where is your advertised its a missive to the masses effectively over. define the publications, you find the web sites, maybe the tv shows, many decided to press reports if they know it is irrelevant. here is something missing out on you ought to be taking advantage melissa: i like this. what is your favorite at?
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>> well, in the end that suggests, of course here is a party that of the cool kids have been invited to the you did not get to get to. now all of a sudden is your shot. because we read in the paper all the time, a hedge fund has become a description for someone with a lot of money, buys a ferrari, on and on and on. melissa: sounds good. >> exactly. here is your chance. >> i mean, there could be a jingle. melissa: we are getting rich, how about you. you don't think it is not to base, jackie, you don't have to go more highbrow? >> getting rich is not base or techie. gingrich's the american way. you say it. it is all about the "money." why would we go any other way. we keep reading about guys
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making unbelievable bonuses and the market -- enormous salaries. i want my piece of that. melissa: absolutely. as you had me convinced. here is your last one. i love this. u-turn all of it from hedge funds on its head. everything you read about us as is true. exactly. we are the guys in the far east and italian suits but you're working all day. >> the only thing they have not done is say sucker. melissa: its implied. we see in doctors. a lot of people that the business is not just traffic. reputation. you know, doctors, lawyers, someone you are supposed to trust. really not necessarily appropriate for them to advertise. you see them advertising and subways, buses. it feels very tacky. how did these as a void that? is that even bad? >> there are people who will say that any messaging is good. i don't agree. doctors, attorneys that uc on the bus benches and subways often look tacky, but that is
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usually distribution, where you're putting ads, and the quality of the creative and the messaging. advertising does not have to be tacky. can be classy. it can be trendy. can be a blessing. let's get the stuff that the best investment companies do, really good stuff is not tacky or cheating. the stuff that the best hoitals to, the stuff that the best -- you might think the doctors are tacky, but he just noticed a bad step. there is plenty of good stuff out there that is moving the meter, changing the mind, and scenting s, and setting is to go do something commanded is making is still good about the purchase melissa: they just need to hire you. right there. all right. fresh off of the heels of the iphone launch, headlines looking like it is living of tonight. seeing a stock rally, the most since july. some guns companies mantle of the deals investors expect. here to have fun. other coolest companies compare, hedge fund manager at capitalist pay debt, and a fox news
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interior. logitech about some of the stoc they really have to go up and down. even though they get the most attention, then maybe it investments but they may not. let's start with apple. you know, it's one of those companies that gets so much atntion. on one hand they boule expectations for these iphones. so much trash talking. people saying that this was going to be a huge disappointment and it was not. the same time the stock is in bear market territory, and the average investor forgets that. if you look at the high from a year ago, there are 30% below that. what do you think? >> apple investors, it is not scientology, but it is a cult. apple investors are vy dedicated as a group. many of them, unfortunately, owning a stock is like being a part of a cult which can be dangerous when you're talking about germany. when you're talking about money, you have to focus on the price
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action itself. this is a wonderful company. unfortunately it's a very weak stock. you could have stopped when he sat still and bear market territory, because that is ultimately the only thing that matters. affected the sales of the phone was a break this weekend and the stock is nowhere near the 52-week high is a very big bearish indicator and one that i would sell if we owned it. melissa: you like this same area. >> if you are looking for ideas that capitalize on what apple has built, again, nothing against them as a company. a company like shedder stock is probably a place to befit from that trend. melissa: netflix is obviously one that a lot of people like focused on. the emmy's last night. it is amazing in one sense that they took this business that was mailing the be easier home. that completely went away, and instead of crumbling in dying the way we are seeing blackberry , they totally reinvented the company in a completely new and exciting
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maine. the same time, they are not making a huge profit in the spending a ton of product. this is a stock that has a lot of data that everyone talks about. >> you keep referencing data which is exactly what companies like netflix have replaced. the replace the worldf payday, vhs, dvd is in a leading as headstrong into this new world of digital entertainment. to your point, they have innovated. it winning three emmys last night. one for best director. this is a landmark change. netflix is one that i actually consider buying at these levels. why? the stock is performing not too far from those 52 times. as a lot of hitters, but it has the momentum, and this is not one that i would bet against. melissa: the hottest topic of all time. tesla, up 435%, 1 of those stocks where everyone can name the metrics why it makes no sense in the continues to walk higher. >> i would sell tesla.
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this is a perfect example of a company that could succeed, but ultimately will see its evaluation contract. think about a lot of the internet companies. many of them went on to make a lot of money, but the valuations that they traded at, over 100 times earnings the the valuations contract. we buy company why it. melissa: wanted to give everyone the money bottom-line. this breakdown for the very simply, and you did it for us. thank you so much. >> thank you. melissa: next, would you buy finer foods from the grocery store? the former president ofrader joe's is banking that you will. his new store will sell nothing but food that is past its sell by date. king henry? we have all that in "spare change." you can never have too much "money" or expired food. ♪
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♪ melissa: time for a little fun with "spare change." today dennis kneele and monica. supposed to be in that empty chair. if you were watching this in your office, can you come to the studio because our segment is on, and we would love to have you jeff. >> lessee is invisible and we just don't know what. melissa: he might be monica's invisible friend. he arrives we will bring in dan. we always have fun together. here is a new and unusual concept. selling inspired food. there was just a new study showing that americans least 40 percent of the food that we buy because we are confused by the expiration and sell by dates, although i think it's
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pretty straightforward. the former president of trader joe's sees it as an opportunity to make money in his opening in the grocery / restaurant in massachusetts that only has food past its prime, albeit at deeply discounted prices and is all in an effort to bring affordable addition to underserved areas. look who is here, it's dennis. the invisible man. thank you for joining us. >> they keep playing a shell game, moving the sw around. >> i found it. melissa: are you eating expired food? >> this is the stupidest idea. i am tracking down that outlandish estimate that 40 percent of all the food in the u.s. is wasted. it is based upon a decade of steady. i still can't tell where they get the estimate from, but why is it continues we have not done anything to fix it. aside from that i think that you are inviting trouble. you're going to see a lawsuit. it is not going to work.
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>> state laws that say stores have to put on sell by dates which are different and expiration dates. said sell by dates, you actually have a couple of days after if you bring the product town you can still consuming and is not going to cause a problem. i think that this is really -- i have a problem with throwing out food. i think it is criminal. i always take leftovers home from restaurants. restaurants bought -- melissa: how is that possible? >> i eat leftovers all the time. fest they literally have to throw away food and restaurant, but that is actually still good for a couple of days. they can make good use of this. selling it at reduced prices for people in low-income areas, i think this is a great idea. >> it would devastate charities. food that would go stale from the grocery store.
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and instead this guy will take it and selling it at a profit. he will get crufied for this. >> a good business idea. this is the marketplace working. >> this is not the marketplace at all. hey, guess what, it's only a few days pass to sell by date. >> you might not buy it, but some low-income person might buy it, and it is still good. melissa: but they are saying they're taking it to areas that are underserved. that's like saying we will take bad food and give it to poor people. >> but this is not the expirati date. you will take rancid butter and milk. you don't want anybody to be sick, but a couple of days after the fact is still good. dairy products are one issue. there's something else. >> this thought that america is so copious. we are eating food until it tastes terrible. [laughter] melissa: zillow late, but you can't apply. it was worth it.
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>> just dying the sake. melissa: so you be their opening day? >> maybe not. it does not mean that there is not a market f that. >> well, instead of increasing the budget 50%. melissa: up next, who made "money" today. plenty of us had a good time resting these guys, but all of us who did are eating a big helping of crow. the answer right after this. you can never have too much "money," and dennis is wonderful when every comes. ♪
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♪ melissa: whether it's on wall street or main street, here is to make "money" today.
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the only place you can buy one today is on ebay, and some are reselling for more than $20,500. the retail with a 2-year contract. all of those of birds apparently having a last laugh. meanwhile losing money, everyone who owns groupon. investors sued alleging it committed fraud about finances around its ipo in november fell to 11th. fighting to get a lousy tur but a federal judge refused to dismiss it. the news sank stock by more than 5%. and 18 million viewers. a big boost. does not make jeff daniels heard any less. that is all we have for you. i hope you made "money" today. we will see you back here tomorrow. ♪ "the willis report" is coming up
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next. ♪ >> warning, the following jokes are raunchy, risque, and for adults only. >> suzanne, you look great. i think i'll have your room sent up to mine. >> no one threw a better party, a better black tie, a-list, racy, raucous, hilarious party than the king of cool... >> dean martin. >> dean martin. >> deano. >> dean, you're a phenomenon. you look like cary grant and you smell like ed mcmahon. >> starvista entertainment and time life present the dean martin celebrity roasts. >> dean and i have been on more floors than johnson's wax.